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Landlords have many concerns. They own the property they're renting out, and they want to protect it as best as they can. Though they'll have landlord insurance, it's also important to think about asking tenants to buy renters insurance.
Most people won't require homeowners insurance, even if the Ohio government recommends it. However, they can still get renters insurance in Ohio to protect their personal belongings and receive liability protection.
Today, you'll learn all about renters insurance, including whether you can require tenants to buy it, what it covers and doesn't cover, and much more. Keep reading!
What Is Ohio Renters Insurance?
Renters insurance is something every tenant should get. It covers many circumstances and unexpected events.
Overall, renters insurance offers liability coverage, personal property coverage, and additional living expenses for tenants. It's very broad to cover many situations. However, tenants should be aware of what the coverage options are before they invest. Likewise, you must understand these things, as well.
Average Cost of Renters Insurance in Ohio Per Year
The average cost of renters insurance in Ohio runs about $163 per year, which is roughly $13.58 per month. This is lower than the national average annual rate of $174 per year. Overall, Ohio isn't an expensive state for renters insurance, but it's still important to understand the factors that might raise or lower the rate tenants pay. You'll learn about that later.
How Much Does Ohio Renters Insurance Cost (Based on Popular Cities)?
Many people want to know how much renters insurance costs based on the city. Though prices are generally similar, they can go up and down. Let's check out the average annual prices:
- Youngstown - Average annual of $231/year
- Toledo - $288 per year
- Springfield - $220 per year
- Newark - $210 per year
- Euclid - $215 per year
- Dublin - $217 per year
- Dayton - $246 per year
- Columbus - $256 per year
- Cleveland - $266 per year
- Cincinnati - $215 per year
Does the State of Ohio Require Renters Insurance?
Ohio doesn't require renters insurance for tenants, but landlords may mandate it in the lease agreement. In fact, it's wise for landlords to do this because they'll be protected from liability and lawsuits if something happens.
Overall, a lease is a legal agreement between two parties. Therefore, you're allowed to add clauses for whatever you want, including renters insurance. It's wise to ask for proof of insurance, as well.
What Does Renters Insurance Cover in Ohio?
Typically, the best renters insurance companies offer these coverage options:
Personal Property Coverage
With personal property coverage, the tenant's belongings are protected if they're damaged after an unexpected event in the home. Tenants should determine the amount of coverage they require by taking inventory before signing up for any policy.
Loss of Use
Loss of use coverage will pay additional living expenses if the rental property is considered uninhabitable after a covered event does damage. This includes things like hotel rooms and food.
Medical Payments to Others Coverage
Suppose someone gets hurt inside the tenant's unit. They could sue you if the tenant doesn't have renters insurance or be sued themselves. However, this coverage will pay the person's medical bills up to the chosen policy limit.
Liability Coverage
What if a tenant damaged a neighbor's property or hurt them? Liability coverage through renters insurance would protect them from out-of-pocket expenses.
Endorsements
Endorsements offer additional coverage that the tenant chooses as supplements to their renters insurance policies. Popular options include identity theft, earthquake damage, and pet damage.
What Does Renters Insurance in Ohio NOT Cover?
Though the cheapest renters insurance companies will cover certain things, it isn't all-inclusive. Here's what it won't cover:
- Damages Over Policy Limit - The tenant's coverage limit will determine what the policy pays. Therefore, if there's $16,000 worth of damage, but they only have limits of $15,000, they'll have to pay the rest.
- Non-covered Event Damage - Some events are rarely, if ever, covered by renters insurance. Most policies won't help with flood damage, so the tenant will likely need an endorsement to protect themselves if needed.
- Unscheduled Valuables Coverage - High-value items are rarely included, such as artwork, jewelry, and electronics. They need their own policy, which is an additional expense.
How to Choose the Best Renters Insurance Policy
Finding the best renters insurance in Ohio doesn't have to be difficult for tenants. Here are a few tips you can give them during their search:
- Your Requirements - You can put specific requirements in the lease agreement for renters insurance. For example, you might require a minimum amount for liability and personal property coverage.
- Personal Information - Renters insurance can be higher when the tenant has a low credit score, no rental history, or multiple claims.
- Customer Service - It's important to know how well companies handle claims and questions. Tenants should check out customer service reviews before settling on a brand.
- Amount of Coverage - Tenants must take inventory of their possessions to know how much coverage they need if everything was damaged in a covered event.
Available Discounts in Ohio
It's possible for tenants to lower their renters insurance rates by using discounts. Each company is different, but here are the more common discount options available:
- Bundling (pairing renters and auto insurance together)
- Senior discounts
- Protective devices discount
- Autopay discount
- Claims-free history discount
- Early shopper discount
- Online purchase discount
- Diminishing deductible discount
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
Most landlords carry insurance on their properties, but they can also require tenants to have renters insurance policies. Knowing this is the first step. Now, it's time to learn why landlords should mandate it in their leases:
- Reduces the Risk of Lawsuits - A landlord's insurance policy won't protect the tenants if their items are damaged, or someone gets hurt because of their negligence. Requiring renters insurance will help them cover their personal property and get personal liability for any injuries that happen on the premises.
- Protects the Landlord - Tenants can sue you for damages if they aren't at fault. However, if they have renters insurance, it will cover their items and protect you from lawsuits.
- Helps with Relocations - Landlords might be responsible for a tenant's relocation after fires, natural disasters, and other emergencies. However, renters policies often have loss of use coverage, which will protect you.
- Screen Tenants - If renters are responsible enough to have insurance on their items, you know they will take care of the rental property. This is a great way to screen them and have trustworthy people on the premises.
Top 5 Best Renters Insurance Companies in Ohio
Finding the best cheap renters insurance in Ohio is easy with this guide. Below, you'll find excellent companies and can give this information to your tenants to help them in their search:
1. Lemonade Renters Insurance
Lemonade offers the best cheap renters insurance in Ohio. Though it's a newer company founded in 2015, it has a modern approach. The company uses a mobile app, which uses artificial intelligence (AI) to help process claims and sign-ups quickly. Plus, it offers extensive add-on coverages, such as protection for appliance breakdowns, water backup, fine art, bikes, and more.
If tenants want low renters insurance rates, this could be the best solution. In fact, prices start at just $5 per month!
Pros:
- Easy to enroll and sign up for coverage with the mobile app
- Offers bundling options, such as pet and auto insurance
- AI technology for faster claims processing
Cons:
- Low ratings on the Better Business Bureau
- Only mobile app customer service available, so there's no way to speak to an agent over the phone
2. Geico Renters Insurance
Those who want the cheapest renters insurance may wish to consider Geico. Its per-month prices are decent, and it's a well-known name for insurance. The company was established in 1936, making it a stable choice. Plus, there's a comprehensive mobile app to enjoy.
Geico doesn't provide insurance directly. Instead, it matches its customers with third-party companies to get the best deal.
Overall, tenants will get what they need from a standard policy, including medical payments, personal liability, personal property, and loss-of-use coverage. However, there aren't many add-ons. If customers prefer streamlined services and fewer fees, Geico is a great choice.
Pros:
- Offers competitive premiums below or in line with the national average
- Calculator tool available to help assess tenant's belongings' value
- Great customer service
- Offers identity theft protection as an add-on
Cons:
- Not many options for customization
- Doesn't directly insure the tenants (matches them with third-party providers)
3. State Farm Renters Insurance
State Farm isn't the cheapest renters insurance company out there, but it is a great option for many customers. In fact, it offers six add-on coverage options, which can be purchased on top of the traditional coverage.
The basic plan from State Farm covers three events: malicious mischief and vandalism, weather impacts, and accidents.
Overall, tenants won't pay significant amounts per month, and they'll get excellent coverage that meets their needs. Plus, the customer service is great, and it's easy to make a claim when necessary.
Pros:
- No limits for loss of use and personal property coverage
- Discounts abound (bundling renters and car insurance and having good safety features)
- Competitive premiums that are in line with or even below the national average
Cons:
- Fewer discounts than other companies
- More expensive than other options
4. Nationwide Renters Insurance
Nationwide may not be a cheap renters insurance company, but it does offer more comprehensive coverage than other brands. Tenants will get the industry-standard loss of use, personal property, and medical payments coverage options. However, Nationwide also offers additions, such as ordinance and law coverage (which will help to rebuild a destroyed home), credit card coverage, and building additions.
Though the fee per month might be a little higher than average, tenants will get excellent customer service. In fact, renters insurance quotes and claims are handled quickly!
Pros:
- Coverage available for vandalism, theft, fire, and eight natural disasters
- Discounts for bundling auto and renters insurance
- No limit on the personal property coverage a person can get
Cons:
- No way to buy digitally; must call an insurance agent to finalize the quote and purchase
- Limited customer service hours, though claims department is available 24/7
5. Liberty Mutual Renters Insurance
Liberty Mutual might have the best renters insurance in Ohio because it's affordable. In fact, plans are only $5 per month. This brand is an experienced provider in the industry and has over 105 years of experience. Plus, tenants can get various protections, such as personal liability coverage, personal property coverage, loss of use, and more.
Overall, Liberty Mutual offers many renters insurance coverage options, and ACV (actual cash value) and RCV (replacement cost value) are available. With replacement cost value, the company reimburses the full value of the item after damage or loss, while ACV will use depreciation and pay less.
Pros:
- Five deductibles available
- 24/7 claims department
- Great customer service
- Various discounts, such as bundling, claims-free, and online purchases
Cons:
- Pricing is often higher than the competition
- No water damage coverage with the standard policy
What Is DoorLoop?
Making tenants get renters insurance in Ohio can take some of the hassle out of renting. However, it's up to you to organize and track everything efficiently.
DoorLoop is a property management software available for all types of landlords. Whether you solely manage a residential or commercial property or have a mixed-used portfolio, you'll benefit in these ways:
- Collect rent automatically.
- Manage rental portfolios with ease.
- Manage accounting tasks.
- Market vacancies through Trulia and Zillow with your free, custom website.
- Let tenants apply online in the tenant portal.
- Manage your maintenance requests with ease.
Everyone can use DoorLoop! Schedule your demo and learn more about the software now!
Why Work with DoorLoop
DoorLoop can also help you require tenants to have a renters insurance policy. They're allowed to submit information on their own, which makes it easy to keep track of things. However, they may apply online through the tenant application or portal, which is powered by Lemonade/SURE (depending on the state).
It's time to see how DoorLoop can streamline the process of tenants buying renters insurance. Learn more today!
Frequently Asked Quesitons
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